INTRODUCTION

According to Carr, Konda, Monarch, Ulrich, & Walker (1993), risks must be managed, and risk management must be part of any mature organization's overall management practices and management structure. They identify these primary activities for managing risk:

Identify: Risks must first be identified before they can be managed.

Analyze: Risks must be analyzed so that management can make prudent decisions about them.

Plan: For information about a risk to be turned into action, a detailed plan, outlining both present and potential future actions, ...